Top Highlights of Daily Mcx Market

Market Outlook

MCX Gold price shows calm positive trading to crawl gradually towards our waited positive target at 31550, which supports the continuation of the bullish trend scenario on the intraday basis, Oil price continued the decline strongly to approach from our waited negative target at 3240, the bearish trend will remain the dominant in the upcoming period unless breaching 3490, MCX Copper price faced strong negative pressures yesterday that forced it to break 424 level that formed the bullish channel’s support line, while the price continuous fluctuation below this level will confirm the bearish bias domination for the near term and medium term trading.

Fundamental News

On Wednesday in Asia Gold prices were flat as trader’s awaited cues on the rate hike paths of the U.S. Federal Reserve from its two-day policy meeting. Crude Oil prices rose on Wednesday morning in Asia, despite concerns over a global supply glut and an economic slowdown.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 31350. Now if price maintains on higher level then it will test next resistance level of 31550. On other side 31100 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 37850. Now if price maintains on higher level then it will test next resistance level of 38200. On other side 37350 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 3420. Now if price maintains on higher level then it will test next resistance level of 3500. On other side 3300 will be major support level.

COPPER

Copper showed sideways to bearish movement and found the major support level of 417. Now if price sustains on lower level then it will test next support level of 412. On other side 428 will be major resistance level.

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